The Rise of Fintech in the Middle East and Africa: Spotlight on Odunayo Eweniyi
The Middle East and Africa (MEA) region is rapidly emerging as a powerhouse in economic development, particularly in the fintech sector. This growth is not just about numbers; it’s about innovation, entrepreneurship, and the unique contributions of thought leaders who are shaping the future of finance. As The FinTech Times celebrates Women in Fintech this September, we spotlight Odunayo Eweniyi, a trailblazer in the Nigerian fintech landscape.
A Journey of Transformation
Odunayo Eweniyi is the co-founder and Chief Operations Officer of PiggyVest, Nigeria’s largest digital savings and investment platform. Her career trajectory is a testament to the power of adaptability and resilience. Initially, Eweniyi envisioned a future in academia, aspiring to earn a Master’s degree and become a university professor. However, after facing challenges in securing a job post-graduation, she was drawn into the tech startup world by a friend who would become her co-founder.
From her graduation in 2013 to the founding of PushCV in 2014, Eweniyi’s journey has been anything but linear. She launched several startups, faced failures, and ultimately found success with PiggyVest in 2016. Her story underscores a vital lesson: sometimes, the path to success is paved with unexpected turns and gut instincts.
Navigating Challenges as a Female Leader
Eweniyi’s rise in the fintech sector has not been without its challenges. Like many startup founders, she has grappled with issues such as funding and customer acquisition. However, her approach has been rooted in a customer-first philosophy, lean operations, and meticulous execution.
As a woman in a predominantly male-dominated industry, Eweniyi has also encountered sexism, micro-aggressions, and an unwelcoming environment. While these challenges have lessened over time, she acknowledges that there is still much work to be done to create a more inclusive tech landscape. Her response to adversity is inspiring: she remains bold and unwavering in her ambitions, refusing to be deterred by obstacles.
Future Trends in Fintech
Looking ahead, Eweniyi identifies mergers and acquisitions (M&A) as a critical trend for the fintech sector in the MEA region. She believes that M&A deals will play a pivotal role in the growth and expansion of tech companies, allowing them to consolidate their positions in local markets. This consolidation will not only enhance market access but also foster competitive efficiency, paving the way for a more robust fintech ecosystem.
Empowering Future Female Entrepreneurs
For aspiring female entrepreneurs in the MEA region, Eweniyi offers invaluable advice. She emphasizes that there is no reason why they cannot achieve their goals and build successful companies. Reflecting on her own journey, she encourages women to ask themselves critical questions: Who are you? Why do you need to do this? Finding compelling answers to these questions can serve as a powerful motivator.
Eweniyi acknowledges that the entrepreneurial journey is fraught with challenges, but she believes that understanding one’s “Why” can provide clarity and focus. Her message is clear: ambition is within reach, and the path to success is open to those who dare to pursue it.
Conclusion
The MEA region is witnessing a remarkable transformation in the fintech landscape, driven by innovative leaders like Odunayo Eweniyi. Her journey from aspiring academic to fintech entrepreneur exemplifies the potential for growth and change in this dynamic sector. As the region continues to evolve, the contributions of women like Eweniyi will be crucial in shaping a more inclusive and prosperous future for all.